PUTRAJAYA: The previous "success model" which produced qualified workers among the bumiputra community is no longer applicable in the current economic climate, says Economy Minister Rafizi Ramli.

"In the last five decades, the country’s success model was to fund bumiputra graduates to become professionals to work in senior government positions, banks, and government-linked companies.

"However, this success model is no longer enough to benefit the present generation of bumiputras as there is a limited number of senior positions and high paying jobs.

"We need to shift to a new successful model that is based on the entrepreneurial mindset among the youth," he said during the 'Aspirasi Masa Hadapan Bumiputra' (future aspirations for the bumiputra) panel session, held at the Bumiputera Economic Congress 2024 on Saturday (March 2).

Rafizi said this success model based on the entrepreneurial drive must be instilled in the young by their parents.

"When people or the youth possess such drive from their parents, it includes fostering an attitude to be creative and willingness to take risks," he added.

Citing billionaires Elon Musk and Jeff Bezos who began successful startups as examples, Rafizi said they too were former students of renowned academic institutions but left the standard mould to start successful careers including by investing in others.

"This is why I prefer to strike early, to educate youth in schools and universities because from there we can unlock the value of the bumiputra middle class which I believe is still locked up," he said.

When a middle class person works for several years, Rafizi said they tend to invest in properties. Under the new model that he was proposing, successful bumiputras would also be encouraged to invest in young bumiputra startups.